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A Comprehensive Guide To Two-Wheeler Loans

Jan 19, 2023

3 min. Read


Authored By: L&T Finance

A Comprehensive Guide To Two-Wheeler LoansTwo-Wheeler Loan

A Comprehensive Guide To Two-Wheeler Loans

When it comes to transport, everyone is looking for convenience. Being able to travel wherever you want, at the time you want is a privilege we all seek. A two-wheeler can easily make this possible. You can easily address many of your urgent commute needs and get things done on your own. Be it running errands, commuting to work, or even college, a two-wheeler can be a great alternative to public transport. Due to the ease that a two-wheeler brings into one’s life, it is a prevalent mode of transport in India. In every Indian household, whether rural or urban, there is at least one two-wheeler meant for commuting. If you don’t have a two-wheeler, this is your sign to buy one because it is an excellent option for adults and licensed teenagers. If you want to buy a two-wheeler but lack the financial resources to do so, you should know that a two-wheeler loan is here to help you say goodbye to all your problems.

What is two-wheeler loan?

When banks or financial organisations lend finance to a borrower specifically to buy a two-wheeler, it can be called a two-wheeler loan. It is a type of personal loan. Understanding the high demand for two-wheelers in India banks and financial institutions have specially created this loan product.

Two-Wheeler Loan Interest Rate

The two-wheeler loan interest rate offered by LTF is extremely affordable. At a small interest rate of 7.99% you can expect a shiny new two-wheeler that will take you to all the places you want to go. The attractive two wheeler loan interest rate is something every Indian can afford and make their dream of owning a two-wheeler come true.

Two-wheeler Loan EMI calculator

A two-wheeler loan is certainly a helpful tool when you need a bike in your life but arriving at this decision can be difficult for a common Indian. To solve this dilemma, LTF has come up with a two wheeler loan calculator. Using this calculator, you can find out the EMI you will have to pay when you borrow a two-wheeler loan. Yes, that is true, even before you apply for a two-wheeler loan, you can use a two-wheeler loan EMI calculator and know whether you will be able to afford the monthly EMIs. Apart from just finding out your EMI, an EMI calculator helps you plan your finances and makes you better prepared for the future. It is highly recommended to use a two-wheeler loan EMI calculator when you apply for a two-wheeler loan.

Here is how you can calculate your EMI with this user- friendly two-wheeler loan EMI calculator:

Visit www.ltfs.com
Go to the two-wheeler finance page
Scroll down to the two-wheeler loan calculator
You will see a slider calculator
Slide it to the required loan amount, interest rate per annum, and loan tenure.
Click on ‘Apply Now’
You will see the results instantly on your screen

Eligibility criteria for a two-wheeler loan

The only two-wheeler loan eligibility criteria you need to fulfil is that of age. You should be between the age of 18 and 66 years.

Process of applying for a two-wheeler loan Usually, the application process can be completed online. You can even visit the nearest branch of your bank or financial institution to avail the loan. Here’s what you need to do:

• Personal research to choose the best lender:
Conduct thorough research about the lenders who are offering a two-wheeler loan and shortlist the lender of your choice based on interest rate and repayment options.

• Check eligibility criteria:
Check if you are eligible to apply for this loan. In case you are ineligible, then you can improve your credit score or fix your eligibility criteria.

• Calculate EMI:
Use a two-wheeler loan EMI calculator to find out your EMI. It’s important to do this before applying for a loan so that you can understand the total investment.

• Gather the documents needed:
After checking the list of documents needed, make sure you have soft copies for all the documents.

• Apply online:
LTF has made it extremely easy to get a two-wheeler loan. All you need to do is login to the PLANET App and follow the steps.

The affordability of a two-wheeler loan has made it one of the most popular loans in the market, especially because of the traffic congestion faced by people in cities. A two-wheeler loan will enable you financially to get the bike of your choice. Whether you are a teenager looking to reduce the burden on your parents or a woman who loves being self-dependent, a two-wheeler loan can ease your life. With a two-wheeler you can dodge traffic, reach everywhere on time and have the time of your life by riding like a free bird. Borrow LTF Two-Wheeler Loan today, and hop on that bike to have the adventure of a lifetime.

Benefits of two-wheeler loan

Borrowing a two-wheeler loan from L & T Finance has many benefits. Here are some of the important ones:

• Easy and quick approval:
At LTF a two-wheeler loan is approved quickly because we understand you need to get a two-wheeler as soon as you can.

• Flexible repayment options:
The repayment options are made extremely flexible so that every borrower can pay the loan without getting stressed out.

• Attractive and affordable interest rates:
Two-wheeler loan interest rate when borrowing from LTF is affordable, attractive and one of the best in the market.

• Simple process of application:
To apply for a two-wheeler loan, all you need to do is login to the PLANET App and follow the clearly stated instructions. LTF Customer Care executives are available in case help is needed during the application process.

• Minimal documentation:
The documents required to apply for a two-wheeler loan are just a few basic ones you need for any other loan. The paperwork is minimal and seamless.

This article is authored by L&T Finance.

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